China-based cloud computing services provider CloudCare has raised almost RMB100m ($14.7m) in a series C round led by diversified conglomerate Fosun Group, China Money Network reported on Friday.
Venture capital firm Sequoia Capital China also took part in the round, having previously contributed to a RMB10m series A round in 2014 that included VC firm Gobi Partners.
CloudCare operates in six Chinese cities, building data centres and offering consulting, project design, system implementation and system management services.
The company plans to use the series C funding to expand its product offering and forge new strategic partnerships.
The round follows RMB50m in series B funding from e-commerce group Alibaba in an April 2017 deal that represented the first strategic partnership for its cloud computing subsidiary, Alibaba Cloud.
Pan Donghui, senior vice-president of Fosun Group, said: “As the carrier of some of the top big data and artificial intelligence companies, CloudCare has huge potential in the future.
“In the future, I believe CloudCare can deepen its expertise in the industry, expand its business, and continue to provide high-standard services.
“Cloud computing makes information technology much easier for corporates. It can increase efficiency and create more business opportunities.”